Construction Bank and Beige Capital has been given the full universal banking license to operate in the country. 

This increases the number of banks operating in the country to 35.  

JOYBUSINESS understands Construction Bank would primarily focus on financing constructions in the country.

The bank has already opened an office at the Octagon Office Complex around Tudu in Accra. Beige Capital is expected to focus on Small Medium Scale Enterprise (SME) financing. 

Some analysts have criticised the Bank of Ghana over this approach, especially when it’s working to reduce the number of banks in operation with the proposed increase in capital requirement.

But the Head of Banking Supervision at the Bank of Ghana (BoG) Raymond Amanfo said the process was started a long time ago.

He, however, maintains it might be difficult to totally stop issuing licenses to banks. the

This is “because when you a bank like Citibank wanting to come it might not be prudent to say that there is a freeze the issuance of licenses.

Mr. Amanfo, however, added that there will be some limited restrictions, depending on the area that institution wants to operate.

The number could increase to 36 as Ghana Home Loan is also almost through in meeting all the requirements to secure a final license. But for some, a lot more banks could increase competition in the sector a development that could.

However, there are some who are worried that this trend has not resulted in improve savings habit and a possible drop in the cost of credit or interest rates.